Schlagwort: crypto business

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Cardano network boost as Mithril protocol goes live on mainnet

  • Cardano’s network will benefit from more efficiency and fast bootstrap after Mithril went live on mainnet.
  • ADA price was flat, but could benefit from new bullish momentum across the market.

Cardano has achieved another milestone with the mainnet launch of the highly anticipated Mithril upgrade.

On July 30, an announcement by Cardano stake pool operator (SPO) Banksy revealed that Mithril was now live on the mainnet.

Network efficiency

Mithril is a stake-based network of nodes that enable the creation of snapshots and certificates of the Cardano Node, allowing for a fast bootstrap and restoration.

The development promises to bring several benefits to network users, particularly in boosting the efficiency of Cardano full node clients. The upgrade will also enhance user access to Daedalus and other network applications, with increased decentralisation achieved via the ability for any number of pools attesting to transactions through an aggregator and signer.

“With Mithril, SPOs give you regular certified snapshots of the Cardano state (more precisely the UTXO set i.e. the leaves of the graph formed by its transactions over time), so you can build services without running a node. Fast bootstrap is a first use case,” Romain Pellerin, the CTO of Cardano R&D company Input Output, noted via X (fka Twitter).

ADA price outlook

A reaction to the protocol’s launch saw the price of Cardano’s native token ADA jump to near $0.32. While broader malaise across crypto sees ADA hover within a tight range above $0.30, the potential for a sharp flip higher has been added to with the new network milestone.

Other network activity metrics, as shown by the count of github commits, suggests a breakout for ADA amid a wider market rally could see bulls target year-to-date highs of $0.45.

The post Cardano network boost as Mithril protocol goes live on mainnet appeared first on CoinJournal.

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Binance becomes first exchange to secure operational MVP license in Dubai

  • Binance announced on Monday it had received the Operational Minimum Viable Product (MVP) license issued by Dubai’s Virtual Assets Regulatory Authority (VARA).
  • The exchange secured the landmark license via its subsidiary Binance FZE.
  • Binance will now offer cryptocurrency exchange services to qualified institutional and retail customers.

Binance has become the first cryptocurrency exchange to secure the Operational Minimum Viable Product license in Dubai.

According to an announcement the company published on Monday, the milestone was achieved through Binance FZE, the exchange’s Dubai-based subsidiary.

VARA-approved crypto license

The operational MVP license is issued by Dubai’s Virtual Assets Regulatory Authority (VARA) and will allow Binance to offer virtual asset exchange services to qualified customers.

 “We are honored to be the first exchange to be granted an operational Minimum Viable Product License by VARA — a result of over a year of due diligence, collaboration, and consistent demonstration of responsible intent – that now allows us to be able to leverage the potential of a progressive regulatory framework, enabling innovation while furthering user protection,” Richard Teng, Head of Regional Markets at Binance, said.

VARA issued the operational MVP license to the world’s largest crypto exchange by trade volume after approving the provisional and preparatory MVP licenses in March and September 2022 respectively.

Binance has underscored the importance of the license by noting that its commitment to the onboarding remediation outlined in the VARA regulatory framework, including in stringent Know-Your-Customer (KYC) and customer due diligence.

“With this operational MVP license, all users onboarded through this platform can expect access to a trusted and regulated service that prioritizes security alongside compliance with highly specialized, tier-one virtual asset regulations under VARA,” Alexander Chehade, the General Manager at Binance Dubai, said in a statement.

The strong footing Binance has in Dubai and the UAE adds to the exchange’s recent efforts to expand its services across the globe within the context of regulatory compliance. But the company has also been in the crosshairs of several regulatory bodies, including in the United States where the SEC filed a securities violations lawsuit against it and the CEO Changpeng Zhao.

Binance has also had to exit from a number of jurisdictions, including Canada and the Netherlands due to various regulatory hurdles.

The post Binance becomes first exchange to secure operational MVP license in Dubai appeared first on CoinJournal.

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SEC asked Coinbase to delist altcoins, trade only Bitcoin before lawsuit: report

  • The US Securities and Exchange Commission (SEC) reportedly asked Coinbase to only list Bitcoin.
  • Coinbase CEO Brian Armstrong says the pressure left it no choice but to fight it out in court.
  • SEC chair Gary Gensler has previously noted that almost every other cryptocurrency was a security.

Coinbase CEO Brian Armstrong has revealed that the US Securities and Exchange Commission (SEC) wanted it to delist every other cryptocurrency and only offer Bitcoin (BTC). 

A report the Financial Times published on Monday claims that this happened before the regulator sued the US-based cryptocurrency exchange in June. Per the FT report, Armstrong saiys that the SEC’s demands left Coinbase with no other option but to defend itself in court.

SEC’s plans could have “ended” crypto in the US

When the SEC filed a lawsuit against Coinbase in early June, complaints included the offering of unregistered securities. 

The Commission named several altcoins listed on Coinbase as unregistered securities, with those singled out being the likes of Cardano (ADA), Solana (SOL) and Polygon (MATIC).

“We really didn’t have a choice at that point. Delisting every asset other than bitcoin, which by the way is not what the law says, would have essentially meant the end of the crypto industry in the US. It kind of made it an easy choice … ‘let’s go to court and find out what the court says’,” Armstrong said according to details in the FT report published on Monday.

The SEC also filed a similar lawsuit against Binance in June, part of a recent regulatory crackdown that elicited sharp criticism against the agency and its Chair, Gary Gensler.

While Coinbase has vowed to battle SEC’s allegations in court, the Financial Times has quoted the government agency as noting that no such requests have been made by the securities watchdog. Gensler has however noted on numerous occasions that most crypto tokens were securities.

Meanwhile, the regulator suffered a noticeable loss earlier this month when a judge ruled in favour of the XRP creator Ripple Labs. Coinbase, which had delisted XRP, announced the relisting of the altcoin following the ruling that effectively declared it not a security.

The post SEC asked Coinbase to delist altcoins, trade only Bitcoin before lawsuit: report appeared first on CoinJournal.

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BNB/USD vulnerable as a bearish flag formation points to a move below $200

  • BNB/USD forms a possible bearish flag pattern
  • The US dollar strength is not responsible for the BNB/USD bearishness
  • $200 provides support for now

Bitcoin rallied in 2023 and holds onto its gains. Most other major cryptocurrencies did so too, but some exceptions exist. 

One is Binance Coin (BNB). 

Sure enough, it rallied at the start of the year, following Bitcoin’s lead. But then it gave up all of its gains – and some more. 

One cannot blame the US dollar’s strength as the cause for the BNB/USD decline. After all, the dollar’s strength is not visible in other cryptocurrencies. 

Instead, it appears to be the Binance Coin that trades with a bearish tone. That is particularly true if one looks at the technical picture, which shows the bearish pressure building as the market nears the $200 support level. 

Binance Coin chart by TradingView

A bearish flag pattern suggests that BNB/USD will break the $200 support level

A bearish flag pattern is a continuation pattern forming in a downtrend. The consolidation area follows a steep decline, and the breakout or the measured move equals the distance that the market traveled prior to the consolidation. 

If, indeed, BNB/USD formed a bearish flag pattern, then the support in the $200 area should give way. The pattern’s measured move, seen in orange above, points to $150 and lower. 

What should worry investors is the inability of the market to bounce while other cryptocurrencies hold near their yearly highs. It points to other factors weighing on the market, different than the US dollar’s strength. 

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BALD token records astounding 40,000% upside after launch on Base

  • The meme token recorded astounding gains in 24 hours, reaching a market cap of $70 million.
  • BALD, the newly-launched meme coin that went live on Base, a layer-2 chain created by Coinbase on Ethereum, skyrocketed within hours of its launch to jump to a market cap of $70 million.

While the current price of Bald is $0.06, up by about 70% in the past 24 hours, the meme coin’s astounding gains after its launch took the crypto trading world by storm with a 40,000% jump.

Currently, data from CoinGecko shows over $66.7 million worth of BALD have been traded in the past 24 hours, while the transaction count has reached more than 14,000. BALD is listed on the DEX platform LeetSwap and trades in the BALD/WETH pair.

Wu Blockchain reported.

According to blockchain sleuth Lookonchain, BALD’s meteoric rise saw some savvy investors make huge returns. One such case involves four addresses that used 0.534 ETH (roughly $1k) to purchase 50 million BALD. The transactions occurred within minutes of Bald’s launch and accounted for 50% of the total supply.

Per Lookonchain, the addresses then quickly sold 37 million BALD to make an outsized return of 554 ETH, or over $1.04 million.

On-chain data also shows PEPE whale has bought 13.6 million BALD worth $937k – after they sold 720.8 billion PEPE for about $943k. The address is currently the largest holder of the token other than BALD’s developer.

The post BALD token records astounding 40,000% upside after launch on Base appeared first on CoinJournal.